Companies are nowadays failing faster than ever before. Taking a cue from famous Roman philosopher Seneca, institutions are indeed flourishing slowly but failing fast. Kodak for instance filed for bankruptcy six years after it hit sales peak in 2005. Much like biological ecosystems, businesses too are complex adaptive systems. Like species benefiting from each other, companies too are inter-dependent on the overall ecosystem. Similarly, ecosystems too face challenges such as depleting food stocks. Disruptors, new technologies and negative feedback loops facilitate similar function. Companies often fall back on strategic and innovative growth due to their focus on short-term financial gains or an adherence towards historic metrices rather than future-looking ones. To learn some lessons from biology, businesses must anticipate resource exhaustion. Small and big measures must be mixed to ensure max results. One must embrace evolution as that is the best approach towards business innovation. Computer science too teaches a few lessons such as constant search but with a broad start being beneficial and embracing randomness. A well-thought-out strategy needs to be followed towards talent recruitment to ensure that the right capabilities are acquired. A sense of dynamism needs to be in place, and a balanced set of measuring metrics be sued.

Source:https://bcghendersoninstitute.com/leaping-before-the-platform-burns-the-increasing-necessity-of-preemptive-innovation-7e476253c387

Uploaded Date:20 July 2018